The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-09
The Virginia State Debt.
To Me Paople Of Tirainia

To the People Of Virginia:
At meeting of Virginia Bondholders, con
vened by the Council of Foreign Bondholders,
and held on Friday. the 18th OF september
1886. at the CannOn-street HOtel, lOndon'
the following resolutions were passed unanl-
mously:
THAT this meeting deplOres the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights, ana, Wnlle
asserting IFS stcadfaSt determination not 10 ac-
cent the Riddlebcrgcr settlement, which, i'm
view of the admitted ability OF virginia 10 set
tie with her creditors, and the sacrlnces they
have already made on her behalf, 1t considers
dishonest and unjust. hereby expresses us
willingness 10 meet the State and entertain
reasonable compromise based upon the pres
ent taxation and the available revenue, after
providing for the CONSTITUTIONAL appropriation
for government schools and other pubic eX-
pcnditure.' 90
The state had the benefit of the whole Of the
money she originally borrowed (S3iyOUO. III
laid the foundation OF her roads, railways, ana
canals and has brought millions OF dollars
into the country. Had you not constructed
these public works with the bOndhOlders
money you would have TO be taxed now for
them.
ioyed the benefit of its loans more than Nlr-
ginia has done. See Senate Document AAIN.
Session, lSi1-'1s.l
The present unsettled condition of the debt
is keeping capital and immigration out OF Nlr-
will never develop the splendid resources OF
the State in the way they deserve.
The revenue of Virginia is increasing. The
last assessment shows an increase of $4,000,
go i'm taxable values. Your present revenue
might be largely increased If the taxes were
more carefully collected and the present as
sessments on property eguallzed throughout
the state.
What might have been difficult TO do a few
years ago is easy now. and each year the bur
den will become lighter. When the debt ques-
ton is settled capital and enterprise, which
now holds alOOf. will flow into the State
The settlement offered by the bOndhOlders
proposes that the bonds now in existence bear
Ing receivable coupons should be deposited
i'm some trust company; that new bonds should
be issued in their place, bearing no tax -recelY
able coupons. and at a low rate of interest.
When the State pays a half-ycars interest on
the new bonds, the aX-rcCCiVablc coupons for
that half-ycar shall be cut OF the old bonds by
the trust company, cancelled, and delivered 10
the State. ANY increase on the present reye-
nue. will be appropriated 10y the state, and
the bOndhOlders will not have any claim on IT.
There was a cash balance last July i'm the
Treasury of S13iOD, and the average purchase
of Riddlcbergcr IS by the state has been at
the rate of $4,000 per annum in cash. The
State has some millions of dollars OF assets
which would help her in arranging settle
ment.
The bondholdcIs are as deeply interested as
you are i'm maintaining the credit and prosper
ity of your State. They ask for fair hearing
and discussion of the question by business
men, and not by politicians, whose interest II
is to prevent an understanding being arrived
at and an honorable compromise made.
The best way OF bringing about this settle
mcnt is for taxpayers 10 tender coupons in
payment of their taxes. In view OF the con
cliatOry spirit and liberal offer made by the
creditors / venture respectfully 10 submit TO
you that it is your moral duty, as well rs your
legal right and privilege, 10 tender coupons for
taxes now due JAMES L. COOPER.
nO26